Ripple price is on a descending channel as it hovered around the $0.4750 resistance level against the USD. The Ripple (XRP) to USD trading pair is having a tough time as sellers are putting pressure on the market. Short-term, there is an ascending channel that holds support at $0.4620 for the pair according to the price analysis of Aayush Jindal from News BTC.
Price Analysis for the Ripple (XRP) to USD Trading Pair
Near-term, the trading pair may break the downside extension of $0.4600 which is currently working as the channel support. The XRP price is consolidating its losses against the USD and against Bitcoin. A low has been formed at $0.4470 short-term. The XRP/USD trading pair corrected upside and was able to trade above the $0.4550 resistance level.
Ripple (XRP) Price Today / USD
The pair finally crossed the 38.2% fib level from the last slide from $0.4930 to $0.4478, but there is resistance at $0.4750 upside. The price did not settle above the 50% fib level of the last fall from $0.4930 to $0.4478. It initiated a new downside action, and went back to $0.4700 forming an ascending channel near the $0.4620 support level.
Will Ripple Rise Or Fall
The Ripple (XRP) to USD trading pair may bounce back from the $0.4620 channel support level and go above the resistance level of $0.4750. Buyers should expect to face hurdles around the $0.4800 and $0.4900 levels.
If the pair doesn’t hold above the $0.4600 support level, if may fall as low as $0.4470. The sentiment in the market is negative and as long as the coin is below the $0.5000 level, the significant support level will remain at $0.4200.
The relative strength index is below 50, and the MACD on the hourly chart is going to the bearish zone. The significant support level is $0.4600 while the significant resistance level is $0.4750. The next few trading sessions will determine if the price of Ripple will rise or fall short-term